Top Business & Political News 12/18/09

CarMax posts 3Q profit on stronger sales. CarMax Inc. said Friday that stronger sales, cost-cutting efforts and gains from its financing division helped the car dealership chain post a profit in its fiscal third quarter. The company, based in Richmond, said its used vehicle sales rose 9.3 percent as the their average selling price rose 10.3 percent. New vehicle sales fell 33.4 percent. Carmax earned $74.6 million, or 33 cents per share, for the three months ended Nov. 30. That contrasts with a loss of $21.9 million, or 10 cents per share, a year ago. CarMax said its sales rose about 19 percent to $1.73 billion. Sales at stores open at least a year rose 8 percent during the quarter. It said its gross profit per used vehicle sold increased 13.3 percent to $2,100. The company's auto financing arm reported income of $65.8 million compared with a loss of $15.4 million in the year-ago period, due in part to an increase in the value of bonds the company holds. In the year-ago period, CarMax saw adjustments related to loans that originated in prior fiscal years, mainly projected losses on defaulted loans.

Oracle profit, sales easily beat Wall Street expectations. The software giant said it earned 39 cents a share excluding one-time items in its fiscal second quarter, compared with 34 cents a share this time last year. Sales for the most recent quarter reached $5.86 billion, up from $5.69 billion in the same period last year.

RIM shares leap as results beat analysts' forecasts. The Ontario-based company said it earned $1.10 a share excluding one-time items in its fiscal third quarter, compared with 83 cents a share this time last year. Sales for the most recent quarter reached $3.92 billion, rising from $2.78 billion in the same period last year.

Nike profit declines but still tops forecasts. The athletic apparel company said it earned 76 cents a share in its fiscal second quarter, on revenue of $4.4 billion. One year ago, Nike's sales reached $4.59 billion with a profit of 80 cents a share.